Surya Industrial Corporation to hold AGM

Surya Industrial Corporation announced that the Annual General Meeting (AGM) of the company will be held on 30 September 2016.

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Board of Oil India recommends bonus shares

Nov 28,2016

Oil India announced that the Board of Directors of the Company in their Meeting held on 28 November 2016, inter alia, have recommended Issue of Bonus shares in the ratio of 1:3 i.e. One (1) bonus equity shares of Rs. 10/- each for every Three (3) existing fully paid up equity share of Rs. 10/- each subject to approval of the shareholders.

Process for issuance of bonus shares and Credit / Dispatch of the Bonus Shares would be completed within the stipulated time period.

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Jaiprakash Associates announces change in directorate

Nov 28,2016

Jaiprakash Associates announced that IDBI Bank, has informed to the Company that it withdraws the nomination of Madhav Vasant Phadke from the Board of Directors and instead appoints Subrat Kumar Mohapatra, Chief General Manager, with effect from 28 November 2016, in terms of the provisions of the Loan Agreement executed with the said Bank.

Tube Investments of India announced that pursuant to the Joint Venture Agreement with Absolute Speciality Foods Chennai (Absolute) for the establishment of a joint venture company viz., TI Absolute Concepts (Tl Absolute), the Company has on 28 November 2016 invested Rs. 7.5 crore towards subscription to the equity share capital of TI Absolute and the Company has been allotted 75,00,000 equity shares of the face value of Rs. 10/- each, at par, by TI Absolute. The Company now holds 50% of the equity share capital of TI Absolute, with the balance 50% being held by the Companys JV partner.

During Q2 of FY17, the Government issued dated securities worth Rs. 176,000 crore taking the gross borrowings during H1 FY17 to Rs. 341,000 crore or 56.8 per cent of BE, vis-a-vis 58.5 per cent of BE in H1 FY 16. Net market borrowings during H1 FY 17 was at Rs.124,777crore, 55.1 per cent of BE. Auctions, both Government dated Securities and Treasury Bills, during Q2 of FY17 were held in accordance with the pre-announced issuance calendar.

In the 12 tranches of G-securities auction, two new securities, namely 6.97% GS 2026 and 6.84% GS 2022 were issued during the quarter on Sep 6 and Sep 12, 2016, respectively. The weighted average maturity (WAM) and weighted average yield (WAY) issued during Q2 FY17 was 14.26 years and 7.24 per cent. Liquidity conditions in the economy remained comfortable and in surplus mode during the quarter. It continued to improve in Q2 with RBI front-loading the liquidity required to manage FCNR (B) redemptions. The cash position of the Government during Q2 of FY17 was comfortable and remained mostly in surplus mode.

The Public Debt (excluding liabilities under the Public Account) of the Central Government provisionally increased by 3.0 per cent in Q2 of FY 17 on Q-o-Q basis. Internal debt constituted 92.3 per cent of Public Debt as at end-September 2016, while marketable securities accounted for 83.4 per cent of Public Debt. About 26.2 per cent of outstanding stock has a residual maturity of up to 5 years at end - September 2016, which implies that over the next five years, on an average, around 5.6 per cent of outstanding stock needs to be rolled over every year. Thus, the rollover risk in the debt portfolio continues to be low. The implementation of budgeted buy back/ switches in coming period is expected to reduce roll over risk further.

G-sec yields declined sharply across the curve during the quarter, with 10 yr segment gaining the most, on the back of softening of crude prices, increase in risk appetite globally after sharp correction post Brexit, passage of GST Bill by Upper House of Parliament, liquidity easing measures of RBI, expectation of rate cut from RBI, etc.The trading volume of Government securities on an outright basis during Q2 FY 17 increase by 78.45 per cent over the previous quarter.

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Tata Steel UK signs Letter of Intent with Liberty House Group

Nov 28,2016

Tata Steel UK announced the signing of a Letter of Intent with Liberty House Group to enter into exclusive negotiations for the potential sale of its Speciality Steels business for an enterprise value of GBP 100 million subject to due diligence and corporate approvals.

The Letter of Intent covers several South Yorkshire-based assets including the Rotterdam electric arc steelworks, the steel purifying facility in Stocksbridge and a mill in Brinsworth as well as service centres in Bolton and Wednesbury, UK and in Suzhou and Xian, China. Speciality employs about 1700 people making steels for the aerospace, automotive and the oil & industries.

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Tata Steel UK signs Letter of Intent with Liberty House Group

Nov 28,2016

Tata Steel UK announced the signing of a Letter of Intent with Liberty House Group to enter into exclusive negotiations for the potential sale of its Speciality Steels business for an enterprise value of GBP 100 million subject to due diligence and corporate approvals.

The Letter of Intent covers several South Yorkshire-based assets including the Rotterdam electric arc steelworks, the steel purifying facility in Stocksbridge and a mill in Brinsworth as well as service centres in Bolton and Wednesbury, UK and in Suzhou and Xian, China. Speciality employs about 1700 people making steels for the aerospace, automotive and the oil & industries.

Net profit of Oil India declined 17.77% to Rs 580.27 crore in the quarter ended September 2016 as against Rs 705.67 crore during the previous quarter ended September 2015. Sales declined 6.46% to Rs 2242.72 crore in the quarter ended September 2016 as against Rs 2397.65 crore during the previous quarter ended September 2015.

Net profit of Abbott India rose 22.66% to Rs 75.02 crore in the quarter ended September 2016 as against Rs 61.16 crore during the previous quarter ended September 2015. Sales rose 12.63% to Rs 721.14 crore in the quarter ended September 2016 as against Rs 640.26 crore during the previous quarter ended September 2015.

Net Loss of Indosolar reported to Rs 31.61 crore in the quarter ended September 2016 as against net loss of Rs 48.18 crore during the previous quarter ended September 2015. Sales rose 294.52% to Rs 107.35 crore in the quarter ended September 2016 as against Rs 27.21 crore during the previous quarter ended September 2015.

Net Loss of Tulip Star Hotels reported to Rs 0.95 crore in the quarter ended September 2016 as against net loss of Rs 1.11 crore during the previous quarter ended September 2015. There were no Sales reported in the quarter ended September 2016 and during the previous quarter ended September 2015.

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Rain Industries announces appointment of nominee director

Nov 28,2016

Rain Industries announced that IDBI Bank vide their letter dated 19 November 2016 has informed the Company that they have appointed Krishnan Narayanan as the Nominee Director on the Board of the Company in place of V. Narayanamurthy, w.e.f. 28 November 2016.

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Modern RFID Access Control System Introduced at Paradip Port

Nov 28,2016

Paradip Port has taken a step forward with introduction of the modern RFID Access Control System (RFID) for controlling and tracking the entry and exit of vehicular as well as human traffic into and out of its prohibited area. The implementation of the system was done as per the directives of the Ministry of Shipping. With introduction of the RFID System w.e.f. 26th September, 2016, the earlier. Paper Pass system for vehicles and the port users has been scrapped.

The implementation of the RFID system has contributed to improvement in productivity of Paradip Port due to smooth movement of traffic across the gates. Paradip Port is the first among all Major Ports to have successfully implemented the RFID Access Control System adding yet another distinction to its string of achievements.

The new RFID system is inherently accompanied with enhanced Maritime Security features. Faster and efficient movement of traffic across the gates leading to reduction in congestion, simplified online payment procedure, availability of real-time information on number of different types of vehicles, equipment, port user personnel inside the prohibited area, availability of entry and exit details of a particular person, vehicle inclusive of the gate no. instantly through which the traffic moved, are some of the added advantages of the new system. Retrieval of data pertaining to the entire period of time is also another advantage of the system.

The new RFID system is beneficial to the port users in that they can avail data related to their cargo inflow and outflow over any desired period of time. Besides, the system also keeps a record of the details of the vehicles along with the credentials of drivers & helpers which can be retrieved from the system at a later date for verification, reconciliation or investigation if required. Port users are facilitated with additional convenience of one more HEP (Harbour Entry Permit) Issue Section and more counters compared to the earlier system of two HEP Issue Sections.

Moodys Investors Service says that the performance of the securitization markets of India (Baa3 positive), Korea (Aa2 stable) and Singapore (Aaa stable) will be stable in 2017, with good credit quality across most asset classes.

In Korea, low unemployment and interest rates will keep credit card ABS delinquencies low, while covered bond credit quality will also remain strong in both Korea and Singapore, adds Loh.

Moodys expects the performance of Indian commercial vehicle (CV) loans backing auto asset-backed securities (ABS) transactions to remain stable. Delinquency rates will increase somewhat in the very short term owing to the Indian governments decision to withdraw INR500 and 1,000 notes. However, delinquencies should return to their current levels over the course of 2017, owing to robust economic growth and low oil prices.

Moodys also expects new Indian auto ABS issued in 2017 will have good credit characteristics.

In Korea, delinquency rates for credit card receivables were low in 2016, and should remain low in 2017. The credit quality of new credit card ABS deals issued in 2017 will also be good, says Moodys.

The credit quality of new and outstanding Korean covered bonds will also be strong and stable in 2017, supported by the high credit quality of the issuers and the countrys sovereign strength. The credit quality of the collateral will also be good.

Finally, the credit quality of new and outstanding Singaporean covered bonds will be strong and stable in 2017, supported by the credit quality of the bank issues, which remains high despite our negative outlooks on the major Singaporean banks, and the countrys sovereign strength. The credit quality of the collateral will also be good.